This is the best summary I could come up with:

The US will impose sanctions on more than 500 targets on Friday in action marking the second anniversary of Russia’s invasion of Ukraine, deputy US treasury secretary Wally Adeyemo has said.

“Tomorrow we’ll release hundreds of sanctions just here in the United States, but it’s important to step back and remember that it’s not just America taking these actions,” Adeyemo said.

To reduce funding for the war while still ensuring supplies to the global market, a coalition involving the G7 leading economies, the EU and Australia had set a price cap of $60 per barrel of Russian crude.

The new penalties, which the treasury said were the largest single tranche since the start of the war, come as the US and its allies look to maintain pressure on Russia, despite doubts over whether the US Congress will approve additional security assistance for Kyiv.

President Joe Biden’s administration has exhausted money previously approved for Ukraine, and a request for additional funds is languishing in the Republican-controlled House of Representatives.

But IMF spokesperson Julie Kozack said on Thursday it was “clear that Russia is now in a war economy”, with military expenditures boosting weapons production, government social transfers propping up consumption and inflation that is rising, despite declines elsewhere.

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